MyCash Online, a fintech startup that is providing online services to the unbanked has raised RM1.3M in 24 hours in their equity crowdfunding campaign on pitchIN. Cradle Fund Sdn Bhd (Cradle) led the funding round through their co-investment exercise along with a Hong Kong based co-investor. The MyCash Online equity crowdfunding (ECF) campaign went live on 1st June 2017 and was fully taken up in 24 hours. Cradle Fund and co-investor JC Management took up RM1.2M while other investors snapped up the remaining RM100K.
MyCash Online operates a platform that offers online purchasing services to foreign workers. Users can reload phone credit, pay bills, buy bus tickets, and more. MyCash Online is also seeking regulatory approval to build and operate innovative remittances and banking services for the same target market. The company hopes to become a ‘virtual bank for the unbanked’. MyCash Online also made history by becoming the first fintech company to successfully raise funds through equity crowdfunding in Malaysia.
Juliana Jan, Cradle Chief Investment Officer said, “We see the potential in MyCash because it addresses customers that most people forget, the migrants. There are more than 3 million migrants in Malaysia and 90% of them do not have access to banks or financial institutions. With the growing digital services available online, we strongly believe that the e-marketplace that MyCash operates provides the infrastructure for these unbankable migrants. Their business model has been proven and this is evident with the traction of over 230,000 in just the first year.
With this deal, pitchIN has cemented its position as the leading equity crowdfunding platform in Malaysia. Sam Shafie, the CEO of pitchIN said, “MyCash is yet another company curated by pitchIN that attracted strong interest from investors. pitchIN has consistently brought promising companies with validated business potential to investors. Over the past 12 months, 9 companies have successfully raised over RM6,000,000. We are seeing growing awareness from investors with each successful deal. Investors can look forward to yet more deals as pitchIN will be bringing plenty more deals this year.”
Source: Media Release